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HeartSciences Inc. (HSCS) 10-Year Financial Performance & Capital Metrics

HSCS • • Industrial / General
HealthcareMedical DevicesDiagnostic & Imaging EquipmentPoint-of-Care Diagnostics
AboutHeartSciences Inc., a medical technology company, focuses on applying AI-based technology to an ECG to expand and improve clinical usefulness. It develops artificial intelligence-enhanced electrocardiography (AI-ECG) solutions, an algorithm to detect impaired cardiac relaxation or cardiac dysfunction caused by heart disease and/or age-related cardiac dysfunction; MyoVista wavECG device, a resting 12-lead ECG that provides diagnostic information related to cardiac dysfunction, as well as conventional ECG information in the same test; and MyoVista Insights, a cloud-based platform to host AI-ECG algorithms on an ECG hardware agnostic basis. The company was formerly known as Heart Test Laboratories, Inc. and changed its name to HeartSciences Inc. in October 2024. HeartSciences Inc. was incorporated in 2007 and is headquartered in Southlake, Texas.Show more
  • Revenue $4K -76.6%
  • EBITDA -$8M -32.4%
  • Net Income -$9M -32.7%
  • EPS (Diluted) -9.34 +50.2%
  • Gross Margin -2884.71% -549.5%
  • EBITDA Margin -189071.61% -466.2%
  • Operating Margin -192013.13% -466.4%
  • Net Margin -201499.52% -467.4%
  • ROE -233.04% -33.1%
  • ROIC -270.12% +23.4%
  • Debt/Equity 14.55 +10173.3%
  • Interest Coverage -16.69 +6.3%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

No significant strengths identified

✗Weaknesses

  • ✗High debt to equity ratio of 14.5x
  • ✗Weak Piotroski F-Score: 1/9
  • ✗Negative free cash flow
  • ✗Sales declining 41.6% over 5 years
  • ✗Shares diluted 100.0% in last year
  • ✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-
5Y-41.63%
3Y-32.86%
TTM-41.03%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM-18.52%

EPS CAGR

10Y-
5Y-
3Y-
TTM35.7%

ROCE

10Y Avg-3564.2%
5Y Avg-4338.01%
3Y Avg-5678.83%
Latest-201.97%

Peer Comparison

Point-of-Care Diagnostics
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
PAVMPAVmed Inc.7.64M8.2916.7122.15%-217914.55%-245.07%
SMLRSemler Scientific, Inc.310.9M20.343.96-17.44%130.8%10.51%0.00
BJDXBluejay Diagnostics, Inc.1.19M0.66-0.02-185.51%0.04
HSCSHeartSciences Inc.9.63M3.03-0.32-76.61%-1042.38%-216.05%14.55
LUCDLucid Diagnostics Inc.156.01M1.19-1.1379%-8.6%-404.1%3.94
BMRABiomerica, Inc.7.99M2.71-1.25-1.92%-74.84%-70.9%0.11
MDAISpectral AI, Inc.48.8M1.59-1.8763.83%-70.64%
CODXCo-Diagnostics, Inc.4.94M2.36-1.90-42.53%-63.36%-80.8%0.04

Profit & Loss

Apr 2020Apr 2021Apr 2022Apr 2023Apr 2024Apr 2025
Sales/Revenue+64.18K25.6K14.37K5.15K18.6K4.35K
Revenue Growth %--0.6%-0.44%-0.64%2.61%-0.77%
Cost of Goods Sold+110.29K44.28K34.46K29.71K101.21K129.84K
COGS % of Revenue1.72%1.73%2.4%5.77%5.44%29.85%
Gross Profit+-46.1K-18.67K-20.08K-24.56K-82.61K-125.48K
Gross Margin %-0.72%-0.73%-1.4%-4.77%-4.44%-28.85%
Gross Profit Growth %-0.6%-0.08%-0.22%-2.36%-0.52%
Operating Expenses+3.77M2.55M4.69M6.09M6.22M8.23M
OpEx % of Revenue58.77%99.57%326.26%1182.21%334.58%1891.28%
Selling, General & Admin1.73M841.01K1.69M3.63M3.34M3.84M
SG&A % of Revenue26.98%32.85%117.43%704.38%179.82%882.98%
Research & Development2.04M1.71M3M2.46M2.88M4.39M
R&D % of Revenue31.79%66.73%208.83%477.84%154.76%1008.3%
Other Operating Expenses000000
Operating Income+-3.82M-2.57M-4.71M-6.11M-6.31M-8.35M
Operating Margin %-59.49%-100.3%-327.66%-1186.98%-339.02%-1920.13%
Operating Income Growth %-0.33%-0.83%-0.3%-0.03%-0.32%
EBITDA+-3.75M-2.53M-4.68M-6.09M-6.21M-8.22M
EBITDA Margin %-58.5%-98.99%-325.81%-1181.76%-333.91%-1890.72%
EBITDA Growth %-0.32%-0.85%-0.3%-0.02%-0.32%
D&A (Non-Cash Add-back)63.83K33.61K26.57K26.91K95.13K127.96K
EBIT-3.81M-2.32M-4.46M-6.11M-6.25M-8.26M
Net Interest Income+-2.81K-132.45K-371.62K-243.17K-354.08K-500.45K
Interest Income000000
Interest Expense2.81K132.45K371.62K243.17K354.08K500.45K
Other Income/Expense7.07K115.96K-118.86K-241.33K-299.44K-412.66K
Pretax Income+-3.81M-2.45M-4.83M-6.35M-6.61M-8.77M
Pretax Margin %-59.38%-95.77%-335.93%-1233.84%-355.12%-2015%
Income Tax+000000
Effective Tax Rate %1%1%1%1%1%1%
Net Income+-3.81M-2.45M-4.83M-6.35M-6.61M-8.77M
Net Margin %-59.38%-95.77%-335.93%-1233.84%-355.12%-2015%
Net Income Growth %-0.36%-0.97%-0.32%-0.04%-0.33%
Net Income (Continuing)-3.81M-2.45M-4.83M-6.35M-6.61M-8.77M
Discontinued Operations000000
Minority Interest000000
EPS (Diluted)+-115.69-77.89-137.94-6173.88-18.74-9.34
EPS Growth %-0.33%-0.77%-43.76%1%0.5%
EPS (Basic)-115.69-77.89-137.94-6173.88-18.74-9.34
Diluted Shares Outstanding33.14K33.14K33.19K79.5K352.52K938.26K
Basic Shares Outstanding33.14K33.14K33.19K79.5K352.52K938.26K
Dividend Payout Ratio------

Balance Sheet

Apr 2020Apr 2021Apr 2022Apr 2023Apr 2024Apr 2025
Total Current Assets+1.54M1.64M1.93M2.7M7.35M2.17M
Cash & Short-Term Investments496.85K723.48K918.26K1.66M5.81M1.1M
Cash Only496.85K723.48K918.26K1.66M5.81M1.1M
Short-Term Investments000000
Accounts Receivable002.32K004.35K
Days Sales Outstanding--58.94--365
Inventory857.01K750.77K674.14K676.36K629.18K650.27K
Days Inventory Outstanding2.84K6.19K7.14K8.31K2.27K1.83K
Other Current Assets52.77K69.04K286.77K216.29K733.36K331.3K
Total Non-Current Assets+418.05K289.33K158.57K590.65K2.15M2.05M
Property, Plant & Equipment418.05K289.33K158.57K590.65K559.97K435.18K
Fixed Asset Turnover0.15x0.09x0.09x0.01x0.03x0.01x
Goodwill000000
Intangible Assets00001.59M1.62M
Long-Term Investments000000
Other Non-Current Assets000000
Total Assets+1.96M1.93M2.09M3.29M9.5M4.22M
Asset Turnover0.03x0.01x0.01x0.00x0.00x0.00x
Asset Growth %--0.01%0.08%0.57%1.89%-0.56%
Total Current Liabilities+1.14M1.11M3.47M1.83M1.75M3.7M
Accounts Payable358.79K335.78K694.75K631.37K448.18K318.66K
Days Payables Outstanding1.19K2.77K7.36K7.76K1.62K895.83
Short-Term Debt350.77K380.2K1.63M500K500K2.55M
Deferred Revenue (Current)000000
Other Current Liabilities1.22K1.22K1.22K48.6K34.15K29.93K
Current Ratio1.35x1.47x0.56x1.47x4.20x0.59x
Quick Ratio0.60x0.80x0.36x1.10x3.84x0.41x
Cash Conversion Cycle---159.34--1.3K
Total Non-Current Liabilities+498.6K2.72M4.67M1.22M434.05K314.53K
Long-Term Debt300K2.5M4.44M500K00
Capital Lease Obligations198.6K90.97K0536.34K434.05K314.53K
Deferred Tax Liabilities000000
Other Non-Current Liabilities0132.23K232.87K187.45K00
Total Liabilities1.64M3.84M8.15M3.06M2.19M4.02M
Total Debt+942.71K3.08M6.16M1.57M1.04M2.99M
Net Debt445.86K2.36M5.24M-94.6K-4.77M1.89M
Debt / Equity2.99x--6.79x0.14x14.55x
Debt / EBITDA------
Net Debt / EBITDA------
Interest Coverage-1358.30x-19.39x-12.67x-25.14x-17.81x-16.69x
Total Equity+315.55K-1.91M-6.06M230.56K7.32M205.17K
Equity Growth %--7.05%-2.17%1.04%30.74%-0.97%
Book Value per Share9.52-57.63-182.462.9020.760.22
Total Shareholders' Equity315.55K-1.91M-6.06M230.56K7.32M205.17K
Common Stock3.31K3.31K3.32K1016771.12K
Retained Earnings-47.12M-49.57M-54.4M-60.76M-67.36M-76.13M
Treasury Stock000000
Accumulated OCI000000
Minority Interest000000

Cash Flow

Apr 2020Apr 2021Apr 2022Apr 2023Apr 2024Apr 2025
Cash from Operations+-3.84M-2.45M-3.64M-5.77M-6.07M-7.41M
Operating CF Margin %-59.83%-95.78%-253.54%-1121.08%-326.35%-1704.14%
Operating CF Growth %-0.36%-0.49%-0.58%-0.05%-0.22%
Net Income-3.81M-2.45M-4.83M-6.35M-6.61M-8.77M
Depreciation & Amortization63.83K33.61K26.57K26.91K95.13K127.96K
Stock-Based Compensation135.07K24.68K68.4K248.31K405.02K249.88K
Deferred Taxes-10.02K00101.1M00
Other Non-Cash Items-21.79K-248.54K-35.59K-100.97M539.23K456.51K
Working Capital Changes-195.97K190.13K1.12M173.98K-504.36K517.89K
Change in Receivables-7K0-2.32K2.32K0-4.35K
Change in Inventory147.31K106.23K76.64K-2.22K47.18K-21.09K
Change in Payables-305.94K-20.65K358.96K37.82K-183.19K-129.52K
Cash from Investing+8.17K-712-1.93K-18.31K-125.27K-30.19K
Capital Expenditures-11.42K-712-1.93K-18.31K-64.45K-3.16K
CapEx % of Revenue0.18%0.03%0.13%3.55%3.47%0.73%
Acquisitions------
Investments------
Other Investing19.59K000-60.82K-27.03K
Cash from Financing+1.81M2.68M3.84M6.53M10.34M2.73M
Debt Issued (Net)------
Equity Issued (Net)------
Dividends Paid000000
Share Repurchases------
Other Financing00-385.14K1.31M00
Net Change in Cash------
Free Cash Flow+-3.85M-2.45M-3.65M-5.79M-6.2M-7.44M
FCF Margin %-60.01%-95.81%-253.68%-1124.64%-333.09%-1711.08%
FCF Growth %-0.36%-0.49%-0.59%-0.07%-0.2%
FCF per Share-116.22-74.02-109.86-72.85-17.57-7.93
FCF Conversion (FCF/Net Income)1.01x1.00x0.75x0.91x0.92x0.85x
Interest Paid000000
Taxes Paid000000

Key Ratios

Metric202020212022202320242025
Return on Equity (ROE)-1207.77%---2756.06%-175.02%-233.04%
Return on Invested Capital (ROIC)--319.12%---352.68%-270.12%
Gross Margin-71.83%-72.93%-139.73%-476.91%-444.16%-2884.71%
Net Margin-5937.99%-9577.29%-33592.57%-123384.27%-35511.87%-201499.52%
Debt / Equity2.99x--6.79x0.14x14.55x
Interest Coverage-1358.30x-19.39x-12.67x-25.14x-17.81x-16.69x
FCF Conversion1.01x1.00x0.75x0.91x0.92x0.85x
Revenue Growth--60.11%-43.86%-64.17%261.17%-76.61%

Frequently Asked Questions

Growth & Financials

HeartSciences Inc. (HSCS) reported $0.0M in revenue for fiscal year 2025. This represents a 86% decrease from $0.1M in 2020.

HeartSciences Inc. (HSCS) saw revenue decline by 76.6% over the past year.

HeartSciences Inc. (HSCS) reported a net loss of $9.0M for fiscal year 2025.

Dividend & Returns

HeartSciences Inc. (HSCS) has a return on equity (ROE) of -233.0%. Negative ROE indicates the company is unprofitable.

HeartSciences Inc. (HSCS) had negative free cash flow of $2.35B in fiscal year 2025, likely due to heavy capital investments.

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